Stock market ends down by 273 points on selling pressure in energy scrips

Stock market ends down by 273 points on selling pressure in energy scrips

KARACHI: The stock market fell by 273 points on Friday as selling pressure seen in energy scrips. The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 41,631 points as against 41,904 points showing a decline of 273 points.

Analysts at Arif Habib Limited said that the market traded in a range today between +234 points and -345 points and closed the session -273 points.

Despite slight recovery in international crude oil prices, Oil & gas chain remained subdued with E&P stocks declining further by approximately 2 percent on average. Similarly, PSO showed selling pressure.

Fertilizer Companies, EFERT and FFC are said to announce a cut in Price of Urea by Rs150/bag and Rs. 300/bag respectively and caused selling in Fertilizer scrips.

Technology sector posted 33.3 million trading volume, followed by O&GMCs (27.6 million) and Vanaspati (24 million). Among scrips, UNITY led the table with 24 million shares, followed by HASCOL (23.5 million) and TRG (12.4 million).

Sectors contributing to the performance include Banks (-120 points), E&P (-100 points), Cement (-46 points), Tobacco (+32 points) and Technology (+13 points).

Volumes increased from 162.3 million shares to 193.4 million shares (+19 percent DoD). Average traded value also increased by 15 percent to reach US$ 51 million as against 44.3 million.

Stocks that contributed significantly to the volumes include UNITY, HASCOL, TRG, AVN and BOP, which formed 42 percent of total volumes.

Stocks that contributed positively include PAKT (+28 points), HASCOL (+12 points), SYS (+12 points), MUREB (+10 points) and ISL (+5 points). Stocks that contributed negatively include PPL (-38 points), UBL (-31 points), LUCK (-30 points), OGDC (-28 points), and HBL (-27 points).